Guild of Guardians (GOG), an upcoming NFT-based mobile role-playing game, has sold out two tranches of its native token (GEMS) for a total of $5.3 million and the token auction was 82 times oversubscribed
Guild of Guardians sold out two tranches of its native token (GEMS)
Guild of Guardians, an upcoming NFT-based mobile role-playing game, has sold out two tranches of its native token (GEMS) for a total of $5.3 million.
The token auction, which took place on Coinlist on Nov. 30, was 82 times oversubscribed, with over 808,000 people enrolling. More than 10,700 new GEM holders from over 100 countries bought tokens worth up to $500 each.
However, due to rising regulatory worries, users from Australia, the United States, Canada, and China were barred from acquiring tokens.
GOG set aside 6% of the total 1 billion tokens for the CoinList sale, with the remaining 63 percent given through community-driven events, activities, and core gameplay.
The soft launch of the play-to-earn game is scheduled for Q1 2022, with 400,000 users having pre-registered.
What is GOG all about?
The game was created by Ukrainian developer Stepico Games in collaboration with Immutable X, an Australian-based NFT layer 2 scaling solution. Immutable X, funded by Galaxy Digital and Coinbase, is the first layer 2 scaling solution for NFTs on Ethereum.
I’m super bullish on quality Aussie crypto projects and love to support them as I’m sure others do too so I hope the exclusion of Australians being able to invest in $IMX is just an error by @CoinList— Nish Sequeira (@nishseq) August 26, 2021
GOG is launching on mobile, according to Immutable’s Head of Marketing Nicholas Kelland, so that it is available to the majority of people.
“Not everyone has really robust gaming rigs and PCs and so on and so forth. So mobile was an easy choice for us.”
Just pretty damn cool, really pic.twitter.com/a3MFzrgMZt— GuildOfGuardians (@GuildOfGuardian) November 29, 2021
The success of GOG’s original DEX offering (IDO) comes at a time when play-to-earn gaming is becoming more popular. Every in-game asset owned by GOG customers is a transferable and exchangeable NFT.
“I believe the concept of in-game asset ownership is inevitable. “It goes back to the concept of the content creator economy and people, people basically owning this material that they ought to own,” Kelland said, adding that “it’s a matter of when, not if.”
This follows the first Founder NFT sale, which raised $3 million in less than 24 hours in June. The second wave brought in $5 million, while the third and final wave brought in more than $4 million.
